The Zurich branch of Geneva-based private bank Lombard Odier, is rapidly becoming a force in the banking city. A lot of that has to do with ex-Credit Suisse bankers.
It's impressive to see the appeal that the Zurich branch of a mid-sized private bank from Geneva is developing in Zurich’s banking scene.
Serge Fehr (pictured below), the former Credit Suisse private banking head, started work last August as head of Lombard Odier's Swiss private banking business. His role will be to push business in this part of the country in particular.
(Image:LO)
Then there’s Michael Strobaek (pictured below), the private bank’s new chief investment officer (CIO) who will be determining the investment strategy of the entire group as of November 1. Strobaek joins from Credit Suisse where he served as Global Chief Investment Officer.
(Image:Credit Suisse)
Furthermore, a team of ex-Credit Suisse private bankers, specialized in portfolio management also joined the Utoquai office, just a stone’s throw away from Sechsilaeutenplatz.
The prominent newcomers underline the growth of the German-speaking Swiss hub, which combines services for foreign and domestic customers on its platform.
160 of the Group's approximately 1,600 employees in Switzerland are based in the Utoquai office and occupy positions within Group compliance, legal services, communications and regulatory affairs.
The site also represents the group's fund business, the Lombard Odier Investment Managers (LOIM) division. Management teams of several flagship funds work from Zurich, where there is also a dedicated sales force, catering to other asset managers (wholesale) as well as institutional clients.
Andreas Arni
(Image:LO)
In some respects, the Zurich branch looks like a small image of the entire banking group, «a bank within the bank.» The branch does however emphasize the close cooperation with its Geneva headquarters.
At the end of 2019, Lombard Odier appointed Andreas Arni (pictured above) as head of the branch and member of the private banking executive committee. Since then, the German-Swiss banker, who previously headed Credit Suisse’s Swiss Entrepreneur Bank (E&E), has made move after move in Zurich.
Not only has he attracted various private bankers to the site, but local compliance and onboarding have also been expanded.
Key foreign markets are served from the offshore desks in Zurich, including the UK, Middle East, Latin America, Israel and Asia. The offshore business with German private clients also remains significant; according to media reports, Lombard Odier is now even seeking to get access to Germany’s banking market.
German-speaking Push
The Zurich office is serving as a backbone for expansion in both German-speaking Switzerland and Germany.
Furthermore, as reported by finews.com, a team of 13 bankers under the leadership of Marco Arnold joined Lombard Odier at the beginning of August in Zug.
It will be interesting to see which location pops up next on the bank’s map of expansion.
